Done Deals: HFF announces sale of 160-unit apartment community in West Des Moines, Iowa

Saturday, October 6, 2018

HFF announces sale of 160-unit apartment community in West Des Moines, Iowa

Springs at Jordan Creek Apartments, West Des Moines, IA

CHICAGO, IL -– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Springs at Jordan Creek, a 160-unit, Class A apartment community in West Des Moines, Iowa.

Sean Fogarty

The HFF team marketed the property exclusively on behalf of the seller, Continental Properties, and procured the buyer, Milwaukee-based Mandel Group, Inc.

Springs at Jordan Creek is situated on 12.05 acres at 8655 Bridgewood Boulevard less than two miles south of Interstate 80 and approximately 13 miles southwest of downtown Des Moines.

Set on park-like grounds, the garden-style property offers a mix of studio through three-bedroom residential units.

The property’s two-story, townhome-style units feature hardwood-style floors, granite countertops, stainless-steel appliances, island breakfast bars, soaking tubs, nine-foot ceilings, walk-in closets, and in-unit washers and dryers.

Common area amenities include a swimming pool, 24-hour fitness center, clubhouse, business center, coffee bar and a leash-free pet playground. Springs at Jordan Creek was 96 percent occupied at closing.

David Gaines

The HFF investment advisory team representing the seller included senior director David Gaines and senior managing director Sean Fogarty along with managing director Jules Sherwood, a licensed Iowa real estate broker.

Springs at Jordan Creek marks the third sale during the last 10 months in the greater Des Moines area that the HFF team transacted, including Springs at Waukee and Autumn Ridge Apartments (Phase I), both located in nearby Waukee, Iowa.

Continental Properties is a national commercial real estate development company with over 39 years of delivering projects throughout the United States. Continental has developed over 20,000 apartment units under the “Springs” brand in the last 17 years.

Jules Sherwood

The Continental team is characterized by its uncompromising commitment to the highest standards of integrity in its interactions with its customers, vendors, communities and co-workers.

Mandel Group, Inc. is an integrated real estate services firm with operations in development, construction, and property management.

The firm is recognized as the premier residential multi-family developer in the greater Milwaukee area. Its acquisitions include properties in Wisconsin, Minnesota, Kansas, Missouri and Iowa.